The Ministry of Oil and Gas announced that it has led to a total of 26.4 billion Libyan dinars being deposited to the state treasury since assuming its duties in 2021.
The statement issued by the ministry indicated that the largest amount of these revenues, which is 10.66 billion dinars, was affiliated with overdue payments concerning three foreign companies: ConocoPhillips, Hess, and Total, during the tenure of former Chairman of the Board of Directors of the National Oil Corporation (NOC), Mustafa Sanallah.
The ministry clarified in its statement that this deposit comes in the context of monitoring and following up piloted by the ministry to hold foreign oil companies accountable and make sure that their taxes, royalties, and rents are paid. The ministry further confirmed that it will continue to follow up and hold foreign oil companies accountable and collect due revenues for the benefit of the Libyan state.
The statement considered that the retention process conducted during the NOC chairmanship of Mustafa Sanallah between October 2020 and January 2022 was without legal basis, and caused losses amounting to up to 250 million Libyan dinars. According to the ministry, the 26.4 billion dinars supply to the public treasury came after serious efforts from its side to assure the deposit was made in order to guarantee Libyan sovereignty.
The revenues of the oil and gas sector represent Libya’s main source of income, as over 95% of the country’s annual export earnings rely on the petroleum industry.
Source: Ministry of Oil and Gas